Death and the Gift of Giving
In his most recent book Giving , former President Bill Clinton emphasizes the good that can be done through charitable actions. He ends by saying “there’s a whole world out there that needs you…give”. One way to meet this challenge is to consider creating a planned gift. Contrary to popular opinion, one need not be a Kennedy or Rockefeller to make a planned gift – anyone, even those of modest means, can designate money or property to a cause that is important to them. A planned gift can either be a percentage of your net worth, a specific piece of property, or a specific dollar amount. Additionally, planned giving allows a person to make a gift either during life or at death, creating flexibility if your financial situation is uncertain. Some types of planned gifts reduce the size of your taxable estate or generate a charitable deduction if made during your lifetime. Beyond possible tax breaks, a planned gift is a way to leave a legacy by supporting and nurturing a cause that you...